Somehow, this strikes me as a fact that should not be surprising. After all, if the market works, and everyone has access to the same information, future value should already be incorporated into share price - so in order to do better than betting on horses, you need to be better at predicting the future value than the other players.
So, are these people betting on horses, or do they think everyone else are suckers, or have I missed something in my analysis?
- Jake If you only spend 20 minutes of the rest of your life on economics, go spend them here.
What I hear you saying is that they assume that stuff happening on the other side of the market is only weakly correlated with the stuff that happens to their portfolio. And that assumption turned out to be Very Wrong.
Signed: Bill Gates
